Aegon Religare Life Insurance to receive capital infusion

Aegon Religare Life Insurance is likely to receive Rs 370 crore in its first year of operation.

Apnainsurance.com Research Bureau

13 Aug 2008

Aegon
Religare Life insurance is likely to receive Rs 370 crore in its first year of
operation. The company has already started its operation a month ago with a
capital base of Rs 200 crore. Aegon Religare Life is a joint venture firm
between Religare, Aegon and Bennett and Coleman.

Mr Rajiv
Jamkhedkar, CEO, Aegon Religare Life Insurance, said the capital would be
largely in technology as well as for setting up branches.

Out of the
total stake Religare holds 44 per cent, Aegon 26 per cent and Bennett and
Coleman the balance 30 per cent.

Currently,
Aegon Religare Life has 38 branches which will soon expand to 51 in the first
year.

Mr Jamkhedkar also said that they expected to
have 60,000 customers and receive over Rs 100 crore of new business premiums in
the first year.

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